Malaysia: BNM keeps OPR unchanged, signals firmer growth outlook

Research evidence excerpt

Malaysia: BNM keeps OPR unchanged, signals firmer growth outlook

Economics Research

9 July 2026 | 6:20PM SGT

Bottom line: Bank Negara Malaysia kept the Overnight Policy Rate unchanged at Chris Poh

+65-6889-3454 | chris.poh@gs.com

2.75%, in line with expectations. Overall, the policy statement was more constructive Goldman Sachs (Singapore) Pte

on growth, with BNM now expecting expansion to fall “firmly within” its forecast Danny Suwanapruti

range of 4% to 5%. The central bank remains cautious on inflation, but it views price +65-6889-1987danny.suwanapruti@gs.com|

pressures as manageable. Regarding the policy stance, BNM reiterated that the Goldman Sachs (Singapore) Pte

current settings remain appropriate and consistent with its outlook. We continue to

expect BNM to keep the policy rate unchanged through 2026.

Key numbers:

OPR rate: 2.75%; GS est: 2.75%; Bloomberg consensus: 2.75%. Previous: 2.75%

Main points:

1. BNM kept its Overnight Policy Rate (OPR) unchanged at 2.75% today, in line with

both our forecast and Bloomberg consensus expectations. Overall, the policy

statement was more constructive on growth, remained cautious on inflation, and

was broadly neutral on the policy stance.

2. BNM described the global growth outlook as broadly resilient, supported by

continued expansion of the tech cycle, improving supply conditions, and

commodity price developments. Notably, the removal of the phrase “downside

risks remain elevated” from the previous statement, and its replacement with

“downside risks remain.” This suggests a meaningful easing in its risk assessment

around the global growth environment, rather than a broader shift in its view of

domestic or inflation risks.

3. The domestic growth assessment was upgraded more clearly. BNM now expects